AI for Accountants

Written By Andrew Ford

Are you sick of hearing how AI is going to change the world yet? I know I see it everywhere I look on social media, especially from people selling tickets to events or their consulting. It reminds me of the boom of the internet in the 2000s when anything dot-com was exploding or when crypto was booming and everyone was telling me to buy it.

But just because it's everywhere and we don't want to pay attention to it, doesn't mean it's not real and that we can ignore it. I remember my managers at Sensis telling me that social media was a fad and wouldn't amount to anything...Luckily I didn't listen to them.

I wish I had listened to the Bitcoin fanatic who messaged me on Facebook in 2017 but that's another story.

So how will AI impact professional services and especially our Accounting friends who are this month's industry of focus? Well unfortunately/fortunately a lot; it depends on if you ignore it or embrace the changes ahead.

It's obvious there will be significant changes in processing information, speeding up and reducing the cost of routine tasks and analysis of data. Pretty much all the things the internet revolution of a few decades ago promised to deliver but didn't.

I'm not an AI expert so I will not tell you all the new fancy tools and gadgets. But I will offer some tips on how to raise the level of your advice so that you can lean into more consulting for your clients and less processing of their data for compliance.

Working with a lot of accountants over the years I have seen many try to move into advisory work but most struggle to gain real traction. This is because they were doing it under the current structure of billable hours and didn't have the freedom to set up new processes and products. The system restricted their businesses because they tried to operate a consulting business like an accounting business and they are not the same.

Tip one

So the first tip is to carve off time and resources to operate on a different model without the burden of billable hours.

Tip two

The second tip is that there is a greater need for sales and marketing to gain consulting clients as they don't have to do anything. With Accounting, you have reporting and compliance requirements making businesses work with you. Not so with consulting. So you need to get used to selling the value.

Tip three

The third tip is to create new products. Changing your key advisory services into products that a customer can see value in and are easy to communicate. That provides an opportunity to charge for value and not time with potentially higher prices than the standard per-hour Accounting work.

Tip four

The final tip is to institute value-based pricing which allows the freedom of time to work on marketing and sales to get the customers through the funnel and form trust with the new consulting department.

Moving from Accounting to consulting or advisory requires a change of thinking for most people. There is higher risk and investment to set up the new business and Accountants are normally risk averse. But with the AI tide making its way slowly but surely to all practices, this is one way to offset that risk.

I have worked on a few of these opportunities in different professional services firms and would be happy to share some of those learnings with my clients. Just book a time with me via your account manager to discuss your situation in more detail.

Cheers Andrew

PS if you have a new digital coin that is about to explode, send me a message!

Andrew Ford
Marketing expert Andrew Ford, the founder of Social Star, has discovered the secret of ‘Powerful Branding’. With a fire for unleashing people’s inner brand and developing business models to generate profit from an individual’s passions, Andrew leverages ground-breaking digital and social media marketing techniques to create digital strategies for clients to attract maximum opportunities. Having established a strong name for himself in the field, Andrew blends traditional business techniques with now-necessary tools for entrepreneurs to achieve scale, quality, and influence in their niche. Andrew’s comprehensive business background and qualifications consist of a Bachelor of Business (Marketing) (RMIT 2003), a Graduate Certificate in Management (MBA Executive Program, University of Sydney 2005), and a Masters of Entrepreneurship and Innovation (Swinburne University 2011). Continually on the cutting edge of his own education, Andrew has tested his marketing theories in forums such as the BCG Business Strategy Competition, which he won in 2005 against all Victorian MBA schools, and the Venture Cup Business Plan Competition (Swinburne University 2003), which he won in the Masters category. With experience working at Hewlett-Packard, Sensis (Telstra) and IBM, Andrew also has mentored dozens of junior staffs to help them achieve their professional goals. Meeting and influencing high-profile public figures helped Andrew to realise just how many professionals require more understanding and control of their public brands or appearance, and need help with the skills to use the many amazing free tools at their disposal to generate success. At Social Star, Andrew consults with clients to uncover their personal brand – both where it is today and where it can be tomorrow – and refine and define how that should be displayed in social media in order to attract their perfect target audience. Andrew mentors his clients to rapidly grow their business’ audiences, resulting in larger potential client bases and higher revenue. Applying formulas that integrate over twenty years of Andrew’s business experience and fifteen years of formal business education, Social Star specialises in building clarity and velocity for clients’ brands using the ‘Understand, Build and Leverage’ methodology. ‘Having a Personal Business enables people to have an authentic, congruent connection with their valued clients and partners, using their brand as the bridge,’ says Andrew. ‘I’m highly driven to work with the new breed of entrepreneurs and small business owners – people who have a passion for making the world a better place. Traditional business models are stepping aside as people follow their innermost dreams and my role is to see them operate within their values while creating wealth. Some people think you have to sacrifice what you love to be successful in your business, yet it is actually the opposite. Follow your passion and success will come.’ Lecturing at Swinburne University from 2009 to 2011 on brand dynamics and digital marketing, presenting at numerous conferences, and consulting to hundreds of clients, Andrew has seen his philosophy work that if you follow your unique path, based on your skills, experience, values and goals, you will automatically attract the opportunities you desire and achieve the success you deserve. Living his mantra, Andrew has created a successful business and attracts high-profile clients including musicians, athletes, authors, models, entrepreneurs, professionals and small business owners, helping them find their ‘why’ in their business and fulfilment in their lives. Business for Andrew is more than work, it’s personal. Running a personal business means that he is able to fulfil all of his values rather than separating his life from work. It supports his two boys while providing social opportunities, educational development, fitness opportunities, spiritual fulfilment and many valuable friendships. Social Star has now become the vehicle for Andrew to crystallise his mission in the world, to help people love what they do, supporting his ‘why’, that if more people loved what they did, the world would be a better place.
http://www.andrewford.com.au/
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